Detailed Strategic Management Plan for Polaroid: Concepts & Models

This report provides a detailed analysis of Polaroid's business strategies, employing frameworks such as PESTLE, SWOT, BCG matrix, and Porter's Five Forces to evaluate the company's macro and micro environments. It identifies Polaroid's strengths, weaknesses, opportunities, and threats, along with competitive rivalries and potential substitutes. The report culminates in a strategic management plan, incorporating key concepts, models, and theories to guide Polaroid's growth and success, emphasizing the importance of adapting to market trends, technological advancements, and competitive pressures. This student assignment is available on Desklib, a platform offering a wealth of study resources including past papers and solved assignments.

BUSINESS STRATEGIES

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1- Applying appropriate frameworks to analyse impact of macro environment on Polaroid......3
2- Analysing internal environment and capabilities of company................................................5
3- Porter's Five Forces Model......................................................................................................6
4- Applying theories, concepts and models to produce a detailed strategic management plan
for Polaroid..................................................................................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Business strategies are defined as set of effective and useful actions that a manager or
leader accountable to take and conduct in practical manner. A business strategy play important
role in success and progress of any company, whether it is small or large, public or private. The
current assignment will be based on Polaroid, which falls under the category of top American
organizations in the world, which is best known for its instant cameras and film. The study will
explain application of frameworks analyse the impact of macro environment on company and its
strategies. It will also define the internal environment and abilities of firm using appropriate
models. Furthermore, the report will also define range of theories, models and concepts applying
for chosen firm.
MAIN BODY
1- Applying appropriate frameworks to analyse impact of macro environment on Polaroid
PESTLE analysis is one of the best and most effective macro environmental analysis
models that applied in the context of varied companies. It can of Polaroid, the same model is
apply, which in turn provide key information about certain factors that put direct impact on
organization performance and tactics. These factors are;
Political factor-
Changes related to political factor may put impact on a company performance and current
practices for which management is accountable to conduct (What is PESTLE Analysis? An
Important Business Analysis Tool, 2020). In case of Polaroid, change in the context of trade
policies may put negative impact on firm in term of decreasing its effectiveness related to
trading, importing and exporting products such as digital camera, instant camera, etc. Just
because of this factor, it may do not expand successfully at international level as it may pay extra
charges for purpose of conducting the same activity which is not possible to company to do that
in short time period as it may affect its success criteria.
Economic factor-
Economic growth, income level, employment, etc. terms are included in category of
economic factor, that affect organizations growth and success. Polaroid business may influence
by this factor in positive manner, because economic growth and employment ration may provide
organization chance to grow in rapid manner. As it may take pleasure of hiring skilled and
experience candidate, who are capable to achieve organizational aims and objectives.

Furthermore, due to economic growth, it may take benefits of increasing profitability as
individual person is able to buy a camera for purpose of travelling, during that process they may
capture the best moment with family and friends.
Social factor-
Current market trends, customers needs and emerging trends in the future may put
positive impact on Polaroid in form of driving management attention toward determine their
needs, which enable them to fulfil the same (What is PESTLE Analysis, 2020). It may lead to
increase organizational productivity and profitability, as it may offer each product that meet
target market needs, which is quite essential for administration to do that. People are taking high
interest to purchase the best products and watch out the films through which they may obtain
enjoyment and fresh their mind. By offering the quality products to customers, firm may retain
then for longer, which in turn lead to increase profits margin and progress ration.
Technology factor-
Technology advancement may put positive impact on Polaroid business success and
growth in form of providing organization the best chance to enhance customer satisfaction by
adopting new technologies and adding the same within their existing products. It may add new
features in cameras that allow individual customer benefit to capture real picture with clarity that
is the most attractive and demanding feature which people want in any form of cameras.
Furthermore, advancement of technology may enable organizational marketer to create the best
campaign that help to generate the awareness of venture all over the world, which is important
for them to do that.
Legal factor-
Changes related to legal factors such as data protection law, employment legislations,
contract law, etc. may affect any sector and companies that operate under the same. In case of
Polaroid, it may lead to decrease operational effectiveness and efficiency as well as
organizational productivity. As change related to above term may put a lot of pressure on
management which drive their attention toward making essential modification within their
practices as well, that is not possible to do within short time period. It may affect the way
manager, leader and other stakeholders act and behave in the context of aim achievement.
Environmental factor-

Like above external factors, the current form of factor also put direct impact on Polaroid
success and progress, but in positive manner. As it may enable organization to build its excellent
brand image in the market by following, conducting and considering the concept of CSR. It may
play significant role in its growth and also help to retain potential customers. It may allow
company to take pleasure of engaging those stakeholders who want to engage themselves with a
sustainable firm, that is able to conduct corporate social responsibility practices in effective and
useful manner.
2- Analysing internal environment and capabilities of company.
SWOT analysis-
Strengths-
Skilled workforce and loyal customer base are the two best the biggest strengths of
Polaroid that may put positive impact on its venture in term of achieving strategic aims and
objectives in appropriate manner.
Weaknesses-
Lack of promotional activities with digital marketing technologies and poor financial
planning, are the two main weaknesses of chosen company, that may lead to decrease its
profitability (SWOT Analysis- Understanding Your Business, Informing Your Strategy, 2022). It
may put negative impact on brand image and its competitiveness in the market, which is not
suitable for its further growth plans and tactics.
Opportunities-
Advancement of technology and skilled employees accessible in the market, may provide
excellent growth opportunities to company that it may grab by developing appropriate plan with
major discussion with other stakeholders such as managers.
Threats-
Pandemic, and competition in the market, are the two biggest threats that affect
negatively upon company and decrease its competitiveness in negative way. For example, due to
COVID-19 the sales were decline and lead to decrease customer base that is not beneficial for
existing as well as growth of firm.
BCG matrix-
In the world of business, Boston consulting group as strategic growth matrix may apply
in the context of varied companies for purpose of making effective plan that each organization

may utilize to graphically represent their items or services (Ha, Yu and Hwang, 2021). In regard
to Polaroid the similar model is applied that aid company to decide what is may keep, sell or
invest more in specific product that in return provide benefits to business in form of increasing
profitability.
Stars
 Polaroid Now+
 Lomography Lomo's Instant Square
Question marks
 Polaroid land camera
Cash cow
 Polaroid 600 Box
Dogs
 Polaroid Highlander Model 80A
The above table, encompasses four types of products categories, in which high and low
profitable goods are segregate, among which some may have power to provide unpredictable
benefits to organization in form of generating revenue and increasing profits. The implication of
BCH matrix in table format may allow management to determine its business capabilities in
effective manner, which they may consider and then create effective plan that help to increase
the sales and demand of those goods that may have low sales and successful.
PIMS model-
Along with above, the implication of profit impact of market strategy (PIMS) model in
the context of selected company play crucial role in form of specifying the key capabilities that it
may have and environment in the workplace that may affect the productivity level (Sauqi,
2021).
The usage of current concept may highlight the relation between venture key strategic
decision and their outcomes at the end of any process completion. It may drive the attention of
company toward taking right decision after analysing overall internal and external environment
that may enable to obtain a lot of benefits.
3- Porter's Five Forces Model
This model may be defined as an effective tool which may help an organization to
analyse the major sources of competition in the sector. It may be designed to give organizations
an idea of the current scenario in the market. It may consist of five forces which are as follows:
Competitive Rivalry : The strength of this force may be moderate in the market due to
the presence of few competitors in the industry. Polaroid may be in the photography industry for

a while and it may have dominated the market (Ali and Anwar, 2021). The industry may be
dynamic and may consist of several market players with increased revenue and considerable
market shares. The main competitor of the company may be Fuji, as they focus on a similar
target market and providing customers with premium quality cameras. The competitive
environment in the industry may be slow due to the low rate of innovation and development in
the camera segment.
Threats of new entrants : The threat of a new entrant may be comparatively low in the
industry. There may be high expense of entrance in the camera market, as the industry may
require consistent innovations to remain competitive in the market. It may require a large amount
capital to establish a new venture in this industry which may be difficult for new entrants
(Schmuck and Benke, 2020). Polaroid may have strong patent rights which may restrict the new
players to develop a similar product or gain competitive advantage in the market. The companies
with higher capital may be suitable for entering the market.
Threat of substitutes : The threat of a substitute for the particular industry may be high.
The industry is highly dynamic which impacts a negative impact on the company creating a
threat of customers to shift towards other substitutes (Firoz Suleman, Rashidirad and Firoz
Suleman, 2019). The research and development of other brands over the products may have
gradually developed which may be the reason of the shift of customers towards other brands. It
may give a lesser opportunity to the organization to gain competitive advantage in the industry .
Bargaining power of buyers : Buyers may have a high bargaining power in the industry
which may be due to the more availability of options. The brand may have maintained its image
in the market leading to the loyalty of customers towards the products but there are several
brands all over the world innovating new products and delivering consistently in the market. This
may give the buyers more opportunity to shift towards alternatives decreasing the market share
of the organization. The industry is highly dynamic and it may require huge investment in the
research and development for innovating new products, the chosen organization is consistently
delivering its services still more efforts are required in order to retain customers. .
Bargaining power of suppliers : Suppliers may have a high power of bargaining in the
market as the camera industry where the company operates may be huge and have large number
of suppliers through which the product may be produced (Kurnianto and et.al., 2019). This may
give the company an advantage to choose from many suppliers and get the best competitive

prices for the services. Polaroid may have established itself in the market and the suppliers may
be forced to provide the company with the desired prices in order to increase their sales.
4- Applying theories, concepts and models to produce a detailed strategic management plan for
Polaroid.
Executive summary-
Polaroid is the best company in the US market, that may offer and provide unique
cameras to customers. In order to manage its venture growth and success in effective manner, it
is important for management to develop or create a detailed strategic administration plan that
encompasses key concepts, models and theories. By applying each concept, model and theory
firm has gained competitive benefits in bulk that affect positively upon its growth in the market,
even better than its rivals.
Aims-
The aim of Polaroid is to enhance customers satisfaction and increase profitability.
Objectives-
 To gain competitive advantages within 2 years.
 To increase profits and generate revenue by 50% within 3 years.
 To increase operational effectiveness up to 50% within 2 years.
 To build wide loyal customer base up to 60% within 4 years.
Strategies-
It is important for the Polaroid and its management to develop the best strategies that
enable them to take pleasure of achieving strategic goals. They may take approach to consider
varied strategic models that encompasses key elements that company may utilize in form of
strategies and these are;
Bowman's strategic clock-
Low price and low added value-
Polaroid may adopt this strategy to manage its business growth in the competitive market,
according to which it may take action to keep price relatively low that people may consider. It
may add low value in the same product that affect customer mind.
Low price-
According to this strategy firm may set low price of each item as compare to its rivals
that exist in the market and give tough competition of Polaroid (What is Bowman’s Strategy

Clock, 2022). By following this tactic firm may produce huge quantity of items plus its goods are
valued in the market.
Hybrid-
It may drive the attention of organization toward concentrating on key aspect of product
differentiation which may make products valuable for the customers that allow firm to increase
profitability and generate revenue more than last few years or months.
Differentiation-
It may enable company to attempt the best to offer each item that may high on sphere of
quantity and quality at a so on price. It may encompass challenges factors as well, that affect
management practices.
Focused differentiation-
This tactic may drive the attention of organization and management towards conducting
effective practice in term of producing unique cameras that they may sell to target market. It may
contribute to increase sales and create success factors that firm may utilize in the future.
Risky high margins-
Most of the companies may utilize this tactic for purpose of achieving key goals and
gaining competitive advantages in the market that is quite essential and beneficial for them to do
that. It may enable firm to take challenge adding value in fail items.
Monopoly pricing-
This term may drive the management attention toward setting high price of products that
they may sell to target market in appropriate manner, to generate revenue, increase customer
base and profits.
Loss of market share-
With this tactic, firm may focus on lowering marketing attempts and innovation that help
to reach desire outcomes as people may do not adopt some innovation related to specific items.
Blue ocean-
Along with above terms, Polaroid may consider current one as well to manage business
and increase its productivity (Yunus and Sijabat, 2021). It may enable firm to conduct market
research, then take decision to improve or add products quality, which may gain less attention in
the market by the customers.
Porter's Generic Strategies

These strategies may be defined as the activities which help an organization to develop
innovate products according to customer needs, analyse the market situation and gain
competitive advantage over the industry. It may be a powerful business tool help in assisting the
growth, management and the profitability of a business to create sustainability. There are four
strategies which are as follows :
 Cost Leadership Strategy : According to this strategy the company may focus on
reducing the costs to deliver the products to customers. It may help the organization to
increase it's profitably and add more customers to the brand regularly in order to acquire
a higher market share.
 Differentiation Strategy : By applying this strategy the company may be able to
differentiate its products from its competitors by providing the customers with innovative
options (Hagiu and Wright, 2019). It may focus on diversifying and improving the
quality of the product by analysing the market conditions and the needs of customers. It
may help the company to get relevant feedbacks from the customers and develop their
products in order to gain competitive advantage.
 Cost Focus Strategy : On the basis of this strategy, Polaroid may be able to focus upon
the niche markets and becoming the major supplier either by geography or industry. The
company might apply aggressive cost strategy to attract more customers towards the
brand and may increase the market share of the company among its competitors.
 Differentiation Focus Strategy : The company may be able to focus upon differentiating
its products in the niche market by analysing the potential of the market. The strategy
may help the company to develop new and innovative products in order to increase the
diversity of the brand in the market. It may help the organization to develop channels for
cross selling by delivering products with innovative additional services.
Controlling and Monitoring
In order to control the activities and employees, the management may provide proper
training and resources to the employees to ensure a successful achievement of the organizational
goals. Polaroid may focus upon the increasing the effectiveness of the workforce to gain
competitive advantage in the market (Heikenfeld and et.al., 2019). A trained workforce may
contribute to improve the quality of products developed by the company which may create an
opportunity for the business to acquire more customers. The organization may use KPI tools like

revenue growth in order to monitor efficiency of the business. The tool may help the
organization to measure the fluctuations in sales and revenue generated by the company. The
revenue growth between months may be tracked by the company to get an idea of profitability of
the business. It may help the business to address the key contributors towards the revenue of the
company.
CONCLUSION
From above analysis, it has been concluded that organization has gained competitive
benefits by using its strengths that enable management to overcome weaknesses and adverse
impact of some external factors. It has achieved strategic aims and objectives in effective
manner, by building trustworthy relation with sustainable suppliers who are able to supply
quality products and raw materials. Furthermore, by summing up above discussion, it has been
summarized that implication of appropriate models and concepts enabled company to grow its
venture in productive manner. It has given tough competition to major competitors by using and
developing strategic approaches successfully.

REFERENCES
Books and Journals
Ali, B. J. and Anwar, G., 2021. Porter’s Generic Competitive Strategies and its influence on the
Competitive Advantage. Ali, BJ, & Anwar, G.(2021). Porter’s Generic Competitive
Strategies and its influence on the Competitive Advantage. International Journal of
Advanced Engineering, Management and Science. 7(6). pp.42-51.
Firoz Suleman, M., Rashidirad, M. and Firoz Suleman, S., 2019. The applicability of Porter's
generic strategies in pure online firms: A case study approach. Strategic Change. 28(3).
pp.167-176.
Ha, J., Yu, C. and Hwang, Y., 2021. Analyzing the impact of relative push and pull factors on
inbound medical tourism in South Korea: focused on BCG matrix applied segment
group characteristics. Asia Pacific Journal of Tourism Research. 26(7). pp.768-779.
Hagiu, A. and Wright, J., 2019. Controlling vs. enabling. Management Science. 65(2). pp.577-
595.
Heikenfeld, J. and et.al., 2019. Accessing analytes in biofluids for peripheral biochemical
monitoring. Nature biotechnology. 37(4). pp.407-419.
Kurnianto, A. M. and et.al., 2019. Marketing Strategy on the Project Planning of Retail Business
for Garage Shop. International Journal of Multicultural and Multireligious
Understanding. 6(1). pp.217-228.
Sauqi, A., 2021. MARKETING STRATEGY ANALYSIS BASED ON THE BOSTON
CONSULTING GROUP (BCG) MATRIX AT THE BONDOWOSO BRANCH OF
THE KUMON TUTORING INSTITUTE. E-PROCEEDING STIE MANDALA. pp.112-
118.
Schmuck, R. and Benke, M., 2020. An overview of innovation strategies and the case of
Alibaba. Procedia Manufacturing. 51. pp.1259-1266.
Yunus, M. and Sijabat, F. N., 2021. A Review on Blue Ocean Strategy Effect on Competitive
Advantage and Firm Performance. Academy of Strategic Management Journal. 20(1).
pp.1-10.
Online
SWOT Analysis- Understanding Your Business, Informing Your Strategy. 2022. [Online].
Available Through: <https://www.mindtools.com/pages/article/newTMC_05.htm>
What is Bowman’s Strategy Clock. 2022. [Online]. Available Through:
<https://www.marketing91.com/what-is-bowmans-strategy-clock/>
What is PESTLE Analysis? An Important Business Analysis Tool. 2020. [Online]. Available
Through: <https://pestleanalysis.com/what-is-pestle-analysis/>
What is PESTLE Analysis. 2020. [Online]. Available Through:
<https://www.analyticssteps.com/blogs/what-pestle-analysis>

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